Union Bankshares, Inc. reported first‑quarter 2026 results that showed consolidated net income of $3.0 million, or $0.65 per share, up from $2.5 million ($0.55 per share) in the same period a year earlier. Net interest income rose by $1.0 million, a 10 % increase, while the credit loss expense turned into a benefit of $325 thousand, compared with an expense of $235 thousand in Q1 2025. Total assets grew to $1.63 billion, a 6.6 % gain driven by higher federal funds sold and a larger investment securities portfolio that increased to $315.6 million from $249.6 million year‑ago.
The stronger earnings were largely driven by a larger earning asset base and higher interest rates on those assets, which lifted net interest income. The credit loss benefit reflects improved loan quality, as management noted that the current credit loss expense is appropriate given the composition and performance of the loan portfolio. Asset growth was supported by the sale of federal funds and the expansion of the investment securities balance. Non‑interest expenses increased 9.8 % due to higher volumes of customer deposits and borrowed funds, while total deposits fell from $1.81 billion to $1.20 billion, indicating a shift toward wholesale funding that could pressure future margins if funding costs rise.
On April 15, the board declared a regular quarterly cash dividend of $0.36 per share, payable May 7, 2026 to shareholders of record as of April 27. The dividend underscores the company’s confidence in its cash‑flow position and its commitment to returning capital to shareholders on a consistent basis.
Management emphasized that asset quality remains strong and that the bank continues to monitor macroeconomic conditions that may impact borrower behavior and repayment capacity. No forward guidance was provided in the release, and the company is not covered by Wall Street analysts. The results provide a clear view of the bank’s financial health and its ongoing focus on prudent asset and liability management.
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